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10-15-2009, 12:20 AM
| | Junior Member | | Join Date: Oct 2009
Posts: 1
| | | Is this right?
What is the name of your state (only U.S. law)? Oregon
I filed for an extension for my '08 taxes, so they have to be in the mail tomorrow! I just want to make sure I have them done correctly, because I'm not sure the figures I have come up with are right. Hoping someone on here can help me.
The only income I had last year was a 401k that I cashed out from my former employer. I recieved my 1099-R, and the information from that is as follows:
Box 1 5257.00
Box 2a blank
Box 2b is checked Taxable Amount Not Determined
Box 4 Federal income tax withheld 526.00
Distribution Code 1
IRA SEP/SIMPLE box is checked
Box 10 State income tax withheld 473.00
I filled out both my 1040 and my Oregon 40S ... on both forms, if I followed the directions correctly, it shows that I am getting back everything I paid in - 526.00 for the federal and 473.00 for the state. Is this correct? And also, is the reason I am getting it all back because I had no other income?
Thank you! |
10-15-2009, 12:34 AM
| | Senior Member | | Join Date: Dec 2007 Location: Thebes
Posts: 6,103
| | Quote:
Originally Posted by KnowNoTaxes  What is the name of your state (only U.S. law)? Oregon
I filed for an extension for my '08 taxes, so they have to be in the mail tomorrow! I just want to make sure I have them done correctly, because I'm not sure the figures I have come up with are right. Hoping someone on here can help me.
The only income I had last year was a 401k that I cashed out from my former employer. I recieved my 1099-R, and the information from that is as follows:
Box 1 5257.00
Box 2a blank
Box 2b is checked Taxable Amount Not Determined
Box 4 Federal income tax withheld 526.00
Distribution Code 1
IRA SEP/SIMPLE box is checked
Box 10 State income tax withheld 473.00
I filled out both my 1040 and my Oregon 40S ... on both forms, if I followed the directions correctly, it shows that I am getting back everything I paid in - 526.00 for the federal and 473.00 for the state. Is this correct? And also, is the reason I am getting it all back because I had no other income?
Thank you! | You want someone to look at your taxes, you'll have to pay for that.
__________________ Dang the Persephone for eating those pomegranate seeds. It is because of her urge to snack that we must suffer through the winter that will soon be upon us.  |
10-15-2009, 05:24 AM
| | Senior Member | | Join Date: May 2004
Posts: 41,424
| | Quote:
Originally Posted by KnowNoTaxes What is the name of your state (only U.S. law)? Oregon
I filed for an extension for my '08 taxes, so they have to be in the mail tomorrow! I just want to make sure I have them done correctly, because I'm not sure the figures I have come up with are right. Hoping someone on here can help me.
The only income I had last year was a 401k that I cashed out from my former employer. I recieved my 1099-R, and the information from that is as follows:
Box 1 5257.00
Box 2a blank
Box 2b is checked Taxable Amount Not Determined
Box 4 Federal income tax withheld 526.00
Distribution Code 1
IRA SEP/SIMPLE box is checked
Box 10 State income tax withheld 473.00
I filled out both my 1040 and my Oregon 40S ... on both forms, if I followed the directions correctly, it shows that I am getting back everything I paid in - 526.00 for the federal and 473.00 for the state. Is this correct? And also, is the reason I am getting it all back because I had no other income?
Thank you! | If you are under 59 1/2, and don't have any legitimate basis to exclude the early withdrawal from penalty, your federal return is probably wrong. You would owe the 10% penalty for early withdrawal, which is the $526.00 that you paid in.
I don't practise in Oregon, so I cannot comment on the Oregon return.
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in vino veritas |
10-17-2009, 01:28 AM
| | Senior Member | | Join Date: Feb 2005 Location: Elgin, IL USA
Posts: 1,089
| | | Actually the $526.00 was the 20% federal withholding. If the OP is under age 59.5, I bet they forgot to fill in 1040 line 59, which would have been half of the $526.00.
PS: I just woke up and realized my math error. Normally 20% is required to be withheld from retirement plan distributions eligible for rollover (at least for IRA's), but maybe 401(k) distributions are subject to the default 10% withholding for pensions and annuities. Anyway I stand corrected, and the $526.00 would be the penalty on 1040 line 59.
Last edited by efflandt; 10-17-2009 at 09:33 AM.
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10-17-2009, 04:08 AM
| | Senior Member | | Join Date: May 2004
Posts: 41,424
| | Quote:
Originally Posted by efflandt Actually the $526.00 was the 20% federal withholding. If the OP is under age 59.5, I bet they forgot to fill in 1040 line 59, which would have been half of the $526.00. | 5257.00 was the original distribution, so how can 526.00 be 20%?
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